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Old 03-14-2008, 12:55 PM
 
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Applying for a 30 year conventional, full doc. score above 770- papers are already in. So how long till we get the answer?

Thanks for your serious input
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Old 03-14-2008, 06:00 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 11,787,515 times
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depends on the lender...

time frame is 3-4 days with most lenders today.
then the appraisal needs to be turned in...

FHA 6-7days with most lenders.
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Old 03-14-2008, 06:06 PM
 
Location: CNJ/NYC
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Quote:
Originally Posted by Geometry View Post
Applying for a 30 year conventional, full doc. score above 770- papers are already in. So how long till we get the answer?

Thanks for your serious input
If you have all your papers, approval shouldn't take more than a day. Two days if they're swamped. The approval you get initially will probably be highly conditioned, anyway, many items subject to verification.
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Old 03-15-2008, 11:04 AM
 
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Pre-approval was very quick for us - same day I believe. However then it goes off to underwriting, etc.. (real approval) and then took a good bit longer.

But the pre-approval is what will be required before you go "shopping" with the builder/developer.

Good luck!

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Old 03-15-2008, 04:32 PM
 
30 posts, read 76,716 times
Reputation: 19
As I wrote my Q. was in regard to the lender approval thought it was obvious; I meant the very underwriting process. The preapproval letter we got earlier to be able to "go shopping" . Does anyone know of what really is the value of that first preapproval letter, did anyone get preapproved and then when it went through the underwriting it did not- even if all the elements did not change (i.e. your score, income, source, taxes etc.)????
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